Question-and-Answer Session
Thank you. (Operator Instructions). And we’ll take our first question from Jonathan Arnold, Merrill Lynch.
Jonathan Arnold – Merrill Lynch
Hi, good morning guys
Jeffry E. Sterba
Hi, Jon.
Gina Jacobi
Good morning
Jonathan Arnold – Merrill Lynch
I had a quick question on, you talked about this the new legislation that’s being introduced with the future test year and CWIP et cetera. Two questions on that, what is the timing, how long is it likely for that to take to navigate through the legislature. And then just some reminders around when the session is open would be helpful. Secondly, I am guessing you would want to file a new case to take – it reflecting that at some point. How should we think about your future rate plans beyond the current case in PNM?
Gina Jacobi
Thanks for the question Jonathan. The session is a 60-day session this year in New Mexico. It’s started in mid January, so it will end in mid March. We think this bill will probably take the whole amount of time, just because most of the bills are taking the full 60 days, and the first priority on the legislature plate here is obviously the budget deficit in New Mexico, which is not as bad as in many states, but we do have a deficit. So, I would look for that, probably the middle of March to come out. In terms of future plans and when we would have a new case that question is really dependent upon the outcome of the current case that we have now. So, once we have the conclusion of that case will take a look at what we won’t want to do. In the future test year, you’re obviously, we would want to get our costs under the future test year as soon as possible after that. But I think the biggest determinant is going to be what happens in this case.
Jeffry E. Sterba
One thing to add to that Jonathan is, for our Southern Mexico territory, its real clear that we will be filing a rate case, that isn’t dependent so much on the outcome of the current PNM rate case for rates to go into effect in early 2011. And if this ball passes Pat would you use that legislation for the shaping of that rate case for the southern territory.
Pat Vincent-Collawn
Thank you, Jeff.
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